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Error when attempting to start Web sites

I just installed IIS on my laptop (I run Windows XP Pro) so that I could follow along with a tutorial on Lynda.com When I went to //localhost/ I get the 404 not found page. I looked back in my Computer Management window and saw that next to Websites under the
IIS expandable menu there is a red stop sign that says error. I click on it and hit start, but I get this error "error 0x8ffe2740" I'm unsure what is going on. Does anyone know what it is or how to correct it? Thanks.